Questions tagged [pension-plan]

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2 answers
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Making sense out of CPP estimates

I received a reminder from Service Canada regarding my CPP plans. I need help making sense as to what they wrote. I'm trying to pick the best strategy to maximize total income. These are the details: ...
Yimin Rong's user avatar
2 votes
0 answers
45 views

Retirement savings for EU national working in France

As a 26-year-old EU national (German) working in France I'm faced with the question to save some money (100-150€ per month) for retirement as a second pillar. My bank HSBC offers a "Life ...
Nils Megan's user avatar
4 votes
1 answer
144 views

Best practice on managing multiple pensions

Is it financially better to keep pensions from various employers separate or to merge them with the latest one? If you do merge them, are penalty fees accrued from the previous pension provider? This ...
fortunia88's user avatar
2 votes
4 answers
95 views

How does tax-deferred pension savings carry any long-term benefit over taxable accounts?

In terms of the total post-tax savings value, I don't see how taxable (e.g. Roth) vs. tax-deferred (e.g. 401(k)) makes a difference. Let me be specific. Suppose tax rate is s, and you dedicate X of ...
J Li's user avatar
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2 votes
1 answer
35 views

Do I need to account for this year's RPP contributions when contributing to RRSP

I'm starting contributions to both a defined contribution RPP with employer matching and an RRSP account. I know my RRSP contribution room from last year's notice of assessment. What I can't find an ...
Bouzid Zitouni's user avatar
1 vote
1 answer
152 views

NPS contribution charges and eNPS

What are the benefits of eNPS? How can we avoid (a) POP trail commission & (b) Payment Gateway Charge while making a contribution in NPS Tier-1 account? 3.What is the recommended/generalized % ...
Tanmay Lodha's user avatar
1 vote
1 answer
46 views

NPS Tier-1 Account

If the present fund value is less than the total invested amount in NPS-Tier 1 account and we change the scheme preference(I mean change the % allocation in Scheme E,G,C) then do we have to book ...
Tanmay Lodha's user avatar
2 votes
1 answer
61 views

Defined-benefit / final salary pension schemes in the UK

I have been reading how defined-benefit pension schemes work. My understanding is basically that you agree with your employer a life pension you will receive when you retire, which is calculated as ...
Martel's user avatar
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5 votes
2 answers
339 views

State pension from UK when a moving back to Spain after working only 10y in UK

I am a Spanish citizen who has been living in UK for the past 7 years. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to ...
opt's user avatar
  • 353
1 vote
3 answers
71 views

How does NPS Tier - 1 80CCD work?

Conditions: NPS Tier-1 contribution from salary per year > 60000 NPS Tier-1 contribution from company per year > 60000 Question 1: How much amount is counted for 80CCD? Is it just salary or also the ...
Tarun Maganti's user avatar
1 vote
1 answer
89 views

What's the best way of dealing with pensions in the UK

I'm currently living in Cambridge, UK. My company contributes 5-15% of the salary to the pension. I'm planning to permanently move abroad in 3 years. I can opt out of the pension, or stay in the ...
Code42's user avatar
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2 votes
1 answer
989 views

Withdraw money from Canada Pension Plan (CPP) or Govt Pension by an Indian Citizen

I am an Indian and working at Toronto for last ~4 years with long term Work Permit. ( I am NOT a PR holder). My company is deducting ~300 CAD per month from my salary under 'GOVT PEN'. I came to know ...
user avatar
1 vote
2 answers
130 views

How does my Defined Contribution pension plan work?

I am a new employee and I was wondering if someone can help me understand what this defined contribution retirement plan means for me. My org says after 1 year of service with 1000 hours and being 21 ...
MountaindewKing's user avatar
0 votes
0 answers
236 views

Pensions- what to do now that I am self-employed? UK

I am in my late twenties, live in the UK, and have recently started doing contract work in my own right for the first time. Since this means that I am now self-employed, I am obviously not paying into ...
Noble-Surfer's user avatar
2 votes
0 answers
121 views

Help me apply Windfall Elimination Provision to my situation

I struggling to understand exactly how the Social Security's Windfall Elimination Provision applies to me in my situation (and thus what it specifically means for how long I should keep my part-time ...
Jane Leary's user avatar
2 votes
1 answer
108 views

Should I rollover my pension into an IRA?

I have roughly 15k in my pension and am 31 years old. I recently left my company and have the option to keep my pension at Bank of Montreal, or transfer it to my Roth IRA, or I can open a traditional ...
Kamilski81's user avatar
1 vote
1 answer
3k views

How much in CPP contributions do you pay when you are an independent contractor?

I am trying to figure out how much CPP contributions an IT contractor needs to make as per this CRA guide. It says that for self-employed people, we need to contribute $4959? So, if an independent ...
Victor123's user avatar
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3 votes
2 answers
325 views

How does a defined contribution plan work

How does a defined contribution plan work? You build up the pension fund with contributions throughout your career and then it is up to you to make sure that it lasts you till your death? I am at a ...
Victor123's user avatar
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3 votes
2 answers
125 views

Does contributing to company pension take away from RRSP contribution room

My employer offers a defined benefit pension plan, but allows the employee to do additional contributions. Now, if I contribute to my employer pension, does that take away from the RRSP contribution ...
Victor123's user avatar
  • 16k
1 vote
0 answers
44 views

How can I find out what pension formula a new prospective employer uses before joining the company

I am considering joining as a permanent employee in Canada Pension Plan Investment Board. But I cannot find the pension calculation formula that they use for their retired employees on the careers ...
Victor123's user avatar
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0 votes
0 answers
66 views

How much of your base salary does this pension plan pay out upon early retirement

Does anyone know how the OMERS pension plan work in Canada? If you are a plan member for 20 years and retire early at age 55, what percent of your salary do you get as pension payout?
Victor123's user avatar
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2 votes
1 answer
89 views

Is my contribution to my company pension plan (not RRSP) considered tax deductible?

My employer (a big bank in Canada) has a pension plan where I am allowed to make optional contributions. There is no matching contribution from the employer, but they do already contribute a tiny ...
Victor123's user avatar
  • 16k
2 votes
2 answers
139 views

What to do with DB pension funds after leaving company in late 20's?

I'm trying to understand if I can roll my defined benefit pension plan into my IRA and invest it that way. I assume I can let it sit in the pension account and earn the interest credits between 2-10%. ...
Matthew Larson's user avatar
11 votes
3 answers
2k views

How should I record the changing value of an investment in accounting software?

I have the following (simplistic) structure set up in GnuCash, but this should apply to other software too: Assets Bank account Pension Income Salary Interest Every month, my salary is split ...
alexmuller's user avatar
3 votes
1 answer
282 views

What is the difference between state pension plans and defined contribution plans?

Googling "State pension plan" I get the result as shown here: http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/index.htm. As described on the webpage, "Once you claim your State ...
JohnAndrews's user avatar
3 votes
2 answers
564 views

What benefits are there to having a Pension (Retirement Account) In Ireland?

What benefits are there to having a retirement account called a "pension" in Ireland, as opposed to simply making investments of one kind or another for the same purpose? I am not really asking about ...
byronyasgur's user avatar
3 votes
1 answer
9k views

What happens to CPP/EI when you change employer?

What happens to your CPP/EI contributions when you change jobs? Is your portion of the contribution carried over to the new employer? Are there any taxes involved?
Victor123's user avatar
  • 16k
12 votes
2 answers
910 views

Will there be enough money in Social Security benefits to cover baby boomer retirement? [US]

This is in a similar vein to this question. Wondering if the American old age benefits program has also taken into account the larger retiring population. Does the plan have enough money to cover ...
Zephyr's user avatar
  • 6,230
5 votes
2 answers
500 views

Will there be enough money in the Canada Pension Plan (CPP) to cover baby boomer retirement?

As the leading edge of the baby boomer generation edges into retirement age, is there enough funds in the Canada Pension Plan (CPP) to cover the needs of this populous generation? Do special measures ...
Zephyr's user avatar
  • 6,230
9 votes
2 answers
578 views

Are defined benefit (DB) pension plans guaranteed in the U.S.? What happens if the sponsor company goes bankrupt?

Are defined benefit (DB) pension plans guaranteed in the U.S.? What happens to a DB pension plan and plan benefits if the sponsor company goes bankrupt? Where can somebody find more information on ...
user avatar
4 votes
3 answers
2k views

Should I have an RRSP on top of a pension?

I am a teacher and automatically contribute into the Teacher's Pension Plan every paycheque. This pension plan is considered to be one of the best in the country. Do I need to have an RRSP as well? ...
DazedandConfused's user avatar
16 votes
4 answers
3k views

What's are the differences between "defined contribution" and "defined benefit" pension plans?

I've often heard of these two types of pension plans offered by companies: Defined contribution (DC) Defined benefit (DB) What are they and how do they differ? Is one better than the other?
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